Chainlink to Introduce Its Oracles on Polkadot-Based Cross-Chain DEX

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Tue, 11/03/2020 - 15:42
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Yuri Molchan
Zenlink, a cross-chain platform powered by Polkadot, plans to leverage decentralized oracles from Chainlink in its DeFi products and lending applications
Chainlink to Introduce Its Oracles on Polkadot-Based Cross-Chain DEX
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Decentralized exchange Zenlink, powered by Polkadot, has revealed a partnership with Chainlink to leverage its blockchain oracles with its DeFi products.

Chainlink's oracles will also be used for the platform's native token ZLK.

Chainlink to be used on Polkadot-based exchange

Zenlink is Polkadot's native parachain decentralized exchange. It enables traders to swap their assets among parachains seamlessly and securely.

The exchange now plans to integrate Chainlink's oracles to expand the services offered by Zenlink by making them yet more decentralized.

These oracles are expected to make Zenlink's financial products more reliable so they can reflect frequent changes in assets exchange rates and be protected from hacks that try to manipulate data.

Chainlink was picked after reviewing several other decentralized oracle solutions.

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Not the first partnership with a Polkadot-based product

As reported by U.Today previously, another platform powered by Polkadot inked a collaboration deal with Chainlink: Equilibrium.

Equilibrium is a decentralized finance outfit and will be using Chainlink as a provider of decentralized oracles.

Using Chainlink's smart contracts, Equilibrium will be able to provide an accurate value of its digital assets in order to create stablecoins, issue crypto loans and so on.

Equilibrium is a platform based on EOS-powered stablecoin EOSDT, and it intends to introduce cross-chain money into the decentralized finance system.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.